What Does Rental Insurance Cover After a Fire?
Homeowners aren't the only people who need insurance on the place they live. Whether you live in an apartment, town home or house in West Valley City, UT, you need renters insurance if you don't own your own place. For a relatively small monthly fee, you can protect yourself in the event of a fire or other disaster.
While the property owners are responsible for coverage that pays for the fire restoration services of the building itself, they are not required to cover your personal belongings. You need a renter's policy to protect certain items:
Most policies cover replacement cost rather than the actual cost of the items. That way, even when items depreciate, you are still able to afford to replace them if they are damaged in a fire.
It's likely that your home will become uninhabitable while undergoing repairs. Your renters insurance policy may cover the short-term costs of temporary relocation. If, for example, you need to get a hotel for a few nights while a burned wall is replaced and repainted, you can make a claim on your policy. That way, you don't have to worry about extra out-of-pocket expenses.
Damage to Third Parties
Sometimes, an event in your apartment can cause fire damage to someone else's property or person. If this happens, your policy may cover some of their expenses. An upstairs neighbor who is injured exiting the building as a result of the fire in your home may need help with medical bills. When you live in close quarters, your neighbors' personal belongings can also get smoke damage. While they're not specifically covered on your policy, the event that caused the damage is, so they may be entitled to compensation.
Property owners aren't the only people who need insurance. It's important to have renters insurance to protect you, your belongings and others who are affected in case of a fire.